Monday, March 02, 2009

Probably another IOU in the making...

I can't believe how desperate the California government is getting... eh... actually I can believe it.

Their latest plan involving housing is a $10,000 dollar tax credit for anyone that buys a home in California between March 1 this year and the end of next February of 2010.

Article that covers this is linked here.

One catch though (and I'm sure there will be more), to get the tax credit the buyer must buy a home that has never been lived in, i.e. a new home. The plan looks like a blatant attempt to attract more people to the state while at the same time punishing any seller currently living in a home... a seller that potentially is leaving the state.

And I can just see the new California tax payer next year opening his/her mail for the refund check from the government to find a $10,000 dollar IOU instead (well... at least the IOU won't bounce).

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